Annual Return on Foreign Liabilities and Assets (FLA return) under FEMA 1999

    Posted By : Shiriti / Published on : 17-May-2018 11:50 PM / View : 241 / Comment : 0
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    What will be the consequences in case we do not file the said FLA Return by 15th July, as our accounts are not audited as yet, and we do not wish to file it with unaudited figures. Will there be any imposition of penalty or prosecution initiated against the company by RBI or FEMA? Since nowhere it is mentioned either in the Circular No. 145 dated June 18, 2014 or in the Annex to AP (DIR Series) Circular No. 145 about the penalty or the prosecution, so, can we assume that we can file the same once our accounts are audited without any risk of penalty or other proceedings from the concerned authority in future?
    Read more on : return fema under liabilities foreign annual assets

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